I stopped by the open house one Sunday to sneak a peek.
This is just one example of the ongoing housing frenzy sweeping the US.
And the busy spring buying season typically commences in March.
The online real estate marketplace company forecasts that year-over-year prices will max out at about 22% in May.
There are several reasons for this ongoing price surge – some old, others new.
6 reasons housing prices keep rising
1.
New construction was down some 4% in January from the previous month, according to theCensus Bureau.
This is one reason for the shortage in housing supply and sale price inflation.
To put that in perspective, only one affordable listing is available for every 65 households.
Some economists believe this could continue to drive up home prices.
And because of inflation,rental prices are expected to climbthis year.
Rising rent may further incentive home ownership and drive up home values.
5 ways to increase your chance of owning a home this year
1.
But keep looking in the summer and colder months.
In the face of less competition, an opportunity might present itself.
If you’re pleased with a home, provide your best and final price as soon as possible.
